Manila: The government is ready to provide immediate assistance and interventions amid fears that the conflict in the Middle East could affect the prices of oil and fertilizers, Malaca±ang said on Tuesday. Palace Press Officer Claire Castro stated that President Ferdinand R. Marcos Jr. has already ordered the close monitoring of the latest developments in the Middle East, amid increasing hostilities between Iran and Israel.

According to Philippines News Agency, Castro emphasized that the President's directive is to carefully monitor the situation to provide immediate solutions and aid, particularly if crude oil prices surge. The Department of Energy (DOE) is closely monitoring the situation and has required oil companies to submit a 30-day inventory of fuel.

The government plans to release fuel subsidies if crude oil prices exceed USD80 per barrel. Castro mentioned that this aid would support public transport and fisherfolk. Both the Department of Agriculture (DA) and the Department of Transportation would be involved in granting aid if necessary.

DOE officer in charge, Undersecretary Sharon Garin, is prepared to engage in discussions with oil companies if the situation worsens. The aim is to maintain inventory levels and manage oil price adjustments to minimize impact, although these discussions would be voluntary and depend on successful negotiations.

Castro also highlighted the DA's readiness to import fertilizers from countries such as Brunei should there be any disruption in Gulf shipping from Qatar, a key supplier located 510 miles from Iran. The DA does not anticipate long-term issues as long as sea lanes remain open, and Castro urged prayers for the situation to stabilize.